noun which may take the genitive case particle 'no'
Used in financial contexts to describe a company whose shares are not listed on a stock exchange. Can also refer more broadly to non-public entities.
その企業はまだ未上場です。
That company is still unlisted.
未上場株の取引は限られています。
Trading in unlisted shares is limited.
非公開 is a broader term for 'private' or 'not open to the public', while 未上場 specifically refers to stock exchange listing status.
Compound of 未 (mi, 'not yet') and 上場 (jōjō, 'listing on a stock exchange').